Sirius Satellite Radio Inc. on Thursday said it signed a deal with Loral Space & Communications Ltd. to build a new satellite for its pay-radio service.
The cost of designing, building, launching and insuring the satellite will be $260 million, Sirius said. The satellite would support the company's three other satellites and help improve customers reception of the service.
Loral has agreed to provide a $100 million vendor financing facility. Sirius said it has no current plans to draw on the facility.
Construction of the satellite is expected to be completed in the fourth quarter of 2008, and it will be launched via an agreement with International Launch Services.
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